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PG&E Corporation Tells California State Senate Units Did Not Engage In Enron-Style Trading Strategies

06/14/2002

(San Francisco, CA) - PG&E Corporation (NYSE: PCG) reported today that its business units, Pacific Gas and Electric Company and the PG&E National Energy Group (PG&E NEG), have informed the California State Senate that they did not engage in Enron-style trading strategies. On May 30, the California State Senate's Select Committee to Investigate Price Manipulation of the Wholesale Energy Market asked California's investor-owned electric utilities and other energy providers to submit information on their power marketing and trading activities in the California energy market.

In May, PG&E NEG and Pacific Gas and Electric Company responded to a similar request by the Federal Energy Regulatory Commission (FERC). Both businesses responses to FERC, as well as today's responses to the California State Senate, specifically denied engaging in the Enron strategies.

The Corporation is pleased to cooperate with the California State Senate's investigation and hopes that this will assist in restoring confidence in the energy markets as speculation is replaced by fact.

Copies of Pacific Gas and Electric Company's and PG&E NEG's responses to FERC are available for viewing at www.pgecorp.com. Copies of the press releases summarizing the Companies' respective responses to FERC may also be viewed at www.pgecorp.com.

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